No, it’s not “Pride Month.” Not for me, and not for millions of others.
You’re welcome to be proud of whatever you want, in any month you like—because this is America. But what started in 1969 as a rebellion against persecution, morphed into a license for public depravity, and then morphed again into a weapon aimed at families and innocent children. Along the way it went from a day, to a week, and then a month and became official, and thereby effectively mandatory for all.
Enough!
If you’re gay and wondering why you are facing resistance now, the answer is that, with few exceptions, most of you didn’t stand up against the expansion and weaponization of “pride,” and the coercion that went with it. In that failure to resist, the gay community compromised any expectation that the rest of us should support “pride” at all, but especially the obscene display of hostility toward civilization and the families of which it is built, and for whom it exists.
If your hackles are raised by the idea that civilization is about families, realize that families are how civilizations persist through time. Not everyone needs to form one, but we all must respect and protect them—It is the foundation of what it means to be civilized.
For the small fraction of gays and lesbians who DID courageously stand up and resist expansion, coercion and the weaponization of “Pride,” I stand with you, and I have all along. But I won’t be celebrating, and I won’t be silent.
It’s not too late to join the voices of reason and to confront the insanity of what “pride” has become.
It’s like sending your kids off to the 1st day of school!
We’re proud to share that the first shipment of PureFive® resin is headed off to @ProcterGamble to be transformed into caps for select bottles of @tide.
We look forward to seeing them on store shelves later this year.
Deaths in the US so far in 2026, by cause:
Drowning: approximately 1000 (22 kids in Texas alone)
Mushroom poisoning: 4
Rattlesnake: 3
Lightning: 2
Marathon: 1
Measles: 0
And, oh yeah, overdose: approximately 30000
Let's try to scare people some MORE about measles, huh?
@UrbanKaoboy Question from outside convert land: what makes desks run 100% delta when the option math alone would say less? Is the extra hedging the credit risk itself — stock as the only credit hedge where no CDS trades?
$PCT Convert Arb 101, 6/11/26:
After speaking with some of my old convert arb coverage today (I did convert arb for over two decades in a former life), here’s my 2c on the new convert deal and share offering.
Old convert was on 100% delta, except for Sylebra’s $50 mm outright position. Net delta shares “to cover”: ~13.5 mm
New convert also sold on 100% delta, net of $36 mm over allotment (“shoe”) and net of Sylebra rolling into $50 mm of new bonds. Net delta shares to short: ~21.9 mm.
Theoretical net amount to short: 7.8 mm
New share issuance of 17.7 mm shares was placed at least 80% into “strong hands”/LT holders, which leaves only 3.5 mm sh up for churn. Between the 7.8 mm “to short” and the 3.5 mm up for churn that’s 11.3 mm shares potentially for sale.
Total dilution is about 14%. Sh out was 180 mm before today, and after today, it’s about 206.3 mm. Between that and today’s massive “volume” of 37 mm shares and stock decline, situation looks heavy right?
It’s the OPPOSITE, and here’s why:
Having been in this market for almost 25 years, I can tell you that these offerings are almost always preceded by folks “in the know” pre-positioning. Stock declined from $14 over the last several days to be priced at $8.21 today. You think that was a surprise to the arbs? I wouldn’t count on it.
Of the 11.3 mm shares “for sale” I am willing to bet that 50-75% of that was hedged in the prior couple days. Arbs likely OVER-hedged into today and net COVERED today.
Why was the volume so heavy? That’s another thing outsiders don’t get. When convert deals are sold “on swap” to arbs, the volume is double counted — buyers buy with a delta hedge and the sellers sell with a delta hedge. Today’s deal also involved an old deal getting unwound “on swap,” so the volume could have been artificially 4x’ed just based on these swap transactions.
The upshot of this is that I think the technicals are very asymmetric to the upside, and contrary to what it looks like, I think there is little to no overhang from this. I bought risk reversals today and effectively doubled my delta exposure today.
Finally, prior to today, my biggest fundamental concern for this company was their funding gap next year, and it made me queasy that they seemed to be counting on warrant exercise to close that gap. Today, they closed that gap, and even though I think they could have executed better, I think the fundamental story just got a lot more compelling as well.
$PCT: I realized after reading terms of the convertible note this morning on $PCT that I understood convertible arb very little, and spent way too much time this afternoon digging into the mechanics of what happens when a deal like this is announced. 🧵
@Husufxl it's two-way: old hedges unwinding (buying) while new-note arbs SET hedges (~10-12M sh short) + 17.7M deal shares absorbing. That churn is most of this week's volume — and volume counts trades, not sellers. The same deal share can print 2-3x as it finds a home. Flow, not verdict.
12/ Scoreboard: debt termed out to 2032, coupon cut 250bps, ~$133M of added runway — paid for by equity holders via dilution and a low strike. Corrections welcome from anyone who lives in convert land.